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Binance, Kraken Face Legal Action For Delisting Bitcoin SV Over CSW’s Satoshi Claims

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Crypto exchanges Binance and Kraken are set to face legal action in London this week as part of a three-day hearing brought by BSV Claims Ltd. The legal challenge arises from the exchanges’ decision to delist Bitcoin SV (BSV) in 2019. The delisting followed controversial claims by Craig Steven Wright (CSW) that he is Satoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC).

Binance & Kraken Brace For Legal Showdown

BSV Claims Ltd argues that the delisting of BSV was based on fraudulent claims and collusion among the exchanges, which severely impacted the value and liquidity of BSV. According to BSV Claims Ltd, the exchanges’ actions were not only unfounded but also violated competition law. They specified the violation of Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Section 2 of the UK’s Competition Act 1998.

Moreover, the case revolves around a series of tweets between April 12 and April 19, 2019. These posts are referred to as the “Collusive Tweets,” where various crypto exchanges, including Binance and Kraken, disclosed their intentions to delist BSV.

This culminated in the delisting events from April 15 to June 5, 2019, where these Binance and Kraken followed through on their announcements. Furthermore, BSV Claims Ltd alleges that these actions constituted an anticompetitive agreement aimed at distorting competition in the cryptocurrency market.

Robert Buckland MP, who is standing in the upcoming UK general election for Swindon South against Labour’s Heidi Alexander, has been drawn into the controversy due to his advisory role with BSV Claims Ltd. Buckland, who receives £5,000 per quarter for advising the company for six hours per month, has faced criticism from BitMEX Research. In a post on X, BitMEX spotlighted his involvement in what they described as a “frivolous” case.

Also Read: PEPE Price Soars As Fresh Wallet Scoops 202 Bln Coins From Binance, More Gains Ahead?

Insight Into Judgement Against CSW

Moreover, Justice Mellor’s recent ruling found that Wright’s claims of being Satoshi Nakamoto were built on fraudulent documents, adding a significant dimension to the current legal proceedings. Hence, the hearing will delve into whether the exchanges’ decisions to delist BSV were influenced by these false claims and whether they acted in concert to harm BSV’s market position.

BSV Claims Ltd maintains that the value of blockchain technology underpinning BSV and other cryptocurrencies is substantial. They emphasized the offering innovations such as smart contracts and secure record-keeping. Moreover, the delisting, they argue, unfairly undermined this potential by damaging BSV’s market standing.

Wright has long portrayed himself as a polymath, claiming to have authored the Bitcoin White Paper and developed the first version of the Bitcoin Source Code. However, the court found that Wright extensively lied and fabricated documents to support his Satoshi Nakamoto claim.

The recent judgment highlights Wright’s deceit, revealing that he mixed partial truths with lies. In addition, it spotlighted the often use of complex jargon to confuse issues. When confronted with evidence against his claims, Wright resorted to further lies and evasions, blaming others.

Notably, the court identified specific instances of his dishonesty. These include the false testimony about Mr. Matthews receiving the Bitcoin White Paper in 2008. Moreover, Wright’s fabrications were found to be clumsy and easily detectable, leading the court to conclude that his attempts to prove he is Satoshi Nakamoto were fraudulent.

In addition, his misconduct has spanned multiple jurisdictions, including the UK and Norway, and previous cases like the Kleiman litigation. The judgment details Wright’s systematic efforts to deceive the court, marking a severe abuse of the legal process.

Also Read: Binance Burns 60 Billion Terra Luna Classic (LUNC) Post 1.35B LUNC

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Japan Set To Classify Cryptocurrencies As Financial Products, Here’s All

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Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.

Japan Targets Reclassification Of Cryptocurrencies As Financial Products

According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.

Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.

The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.

The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.

Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.

A Fresh Bill For Crypto Insider Trading Is Underway

Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.

“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”

However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.

Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.

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Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Kentucky Governor Signs Off On ‘Bitcoin Rights’ Bill, Strengthening Crypto Protections

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In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.

Bitcoin Rights Bill Comes Into Effect

Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.

In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:

The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.

The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.

The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.

On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.

Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.

Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.

Renewed Optimism Under Trump Administration

Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.

Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.

The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.

bitcoin
BTC trades at $87,399 on the daily chart | Source: BTCUSDT on TradingView.com

Featured Image from Unsplash.com, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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US SEC Drops Charges Against Hawk Tuah Girl Hailey Welch

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Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.

US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges

The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.

Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.

Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.

This Is A Developing News, Please Check Back For More

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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